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The Mobile Money Network unveils vision to the retail industry, announcing appointment of former Marks & Spencer boss

The Mobile Money Network unveils vision to the retail industry, announcing appointment of former Marks & Spencer boss

 

The Mobile Money Network (MMN) has appointed former executive chairman of Marks & Spencer, Sir Stuart Rose as its non-executive chairman.

 

Rose gave his first address at a gathering of the UK’s biggest retailers, banks and media companies earlier this week, four months since the company’s launch.

 

MMN also announced the appointment of Lord Davies of Abersoch as a non-executive director. Lord Davies is the former Minister of State for Trade Promotion and Investment, and former chairman of Standard Chartered.

 

Alternative m-payment scheme

 

The event saw MMN managing director, John Milliken, and Rose announce the details of its first service, ‘Simply Tap,’ a new mobile phone payment scheme.

 

Consumers go through a one-off registration process that securely captures personal details, such as debit or credit card numbers and preferred delivery address.

 

After registering, when a consumer sees a product they want in store, online or in any advert, they simply need to type the product code in to the Simply Tap service through the mobile app or send it via SMS and the product is then paid for and delivered using the saved details.

 

Simply Tap is designed to save shoppers time when ordering products online, allow retailers to sell products from traditional print advertising more effectively, and extend the range of products that can be promoted instore for home delivery.

 

Tapping into huge potential

 

“The number of mobile subscribers across the globe has reached almost 5.5 billion with 750 million in Europe. This represents a massive commercial opportunity for retailers if they can take advantage of it,” stated Rose.

 

“I am incredibly excited to be involved in the Mobile Money Network. It is a fresh concept set to act as a catalyst for three major industries – retail, banking and marketing. With Simply Tap, MMN is making the mobile a relevant, useful and fun part of an existing shopping experience. At a time when consumers are short of time but demanding instant gratification, this proposition delivers. The potential is huge and I look forward to the journey.”

 

The Mobile Money Network is a joint venture between Monitise, Best Buy Europe and Carphone Warehouse founder, Charles Dunstone. The company stated that it is already in discussions with 17 of the top 20 UK high street retailers and a number of financial institutions about the forthcoming roll out.